WASHINGTON (dpa-AFX) - Tuesday, Incyte Corp. (INCY) signed an exclusive option agreement with Prelude Therapeutics Inc. focused on the latter's previously undisclosed mutant selective JAK2V617F JH2 inhibitor program in development for patients with myeloproliferative neoplasms.
As per the terms of the deal, Incyte secures an exclusive option to acquire the JAK2V617F program, including its library of preclinical candidates.
In exchange, Prelude will receive $60 million in capital, comprised of an upfront payment of $35 million, plus a $25 million equity investment by Incyte in the company.
Additionally, Prelude would be eligible to receive up to $775 million in additional clinical and regulatory milestones, and single digit royalties on global net sales.
Prelude intends to use the upfront payment and net proceeds from the sale of the purchased shares to advance the JAK2V617F program and other pipeline assets, and for working capital and general corporate purposes.
Also, Incyte may elect to exercise its exclusive option during the option period to acquire the program and associated assets from Prelude for $100 million.
The company's CEO Bill Meury noted that the deal is in line with their strategy to develop new and innovative therapies poised to make a meaningful difference for patients.
In the pre-market hours, INCY is trading at $103.40, up 1.80 percent on the Nasdaq.
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